4 in 2005 some economists saw a finish 35 hoursAll play today with the codes of the sportThis time a global cooperation is neededBerlin pushes the purchasewith des cleanvehiclesThe task is immense but the path is narrowStock markets are still in hue and to diaIt would have been easier to listen to usThe whole being valued at 65 billion a yearFor the CEO of Bourbon the indicators are indeed well orientedEstablished physicians are less concernedIt can be argued without end of the superpower of the United States. The crisis we are living, said, sign their decline. Unless it began September 11, 2001, when the country was attacked on its soil for the first time in its history. Or in 1989 when he lost with the fall of the Berlin wall, an enemy to its measurement. In any event, the fact is that the pure symbol of this power, the dollar, has overall lost value in recent years, including to the European currency.
But since the financial crisis has taken a systemic dimension, the greenback has appreciated dramatically. There is something paradoxical to see the dollar become a safe haven while the financial crisis puts down American finance and undermines the growth of the world's economy in the world. After all, if the currency of the United States is worth as much as the beliefs of person who has insured the steering of the economy for almost twenty years, namely the former President of the Fed Alan Greenspan, then the greenback should no longer argue much...
And yet the dollar appreciates as a well rare. What is its real value Will keep its currency refuge status The United States long retain the privilege of currency for the world These questions, of course, are at the heart of the reflection that begins on the evolution of the international financial system.
The short term, the rise of the dollar and most spectacular, of the yen, explained by rational, mechanical factors. Very many investors sell whatever they can where the fall of stock market to pay off creditors increasingly nervous that put them the knife under the throat. The markets rise had been fuelled by debt "hedge funds", down to the opposite, is maintained by their debt. As these debts were the most often denominated in dollars (and yen) sometimes, this vast discounter translates into a strong demand for greenbacks. This is for the immediate future.
Longer term, however, the question of the role and status of the dollar remains whole. She returns to the more broad and controversial American leadership. The legitimacy of this leadership depends on the capacity of the United States to finance the deficit in its balance of payments by the rest of the world, in a sort of version post-Bretton Woods of the right of seigniorage. In 1991, the Kuwait, Saudi Arabia, the Japan and other countries had supported the cost of the war against the Iraq, allowing the United States, for the first time in twenty years, to balance their external accounts. This seigniorage, it was the price of security. It goes without saying that today ' today, the ascendancy of Washington is more powerful. Once his surge past, the dollar resumed therefore its long decline Not sure. The answer will come from the rebound capabilities will demonstrate the United States and Europe. It is also this bet on the future which is the value of currencies. And in this case, at this point, the dollar against the euro.
